Pakistan’s current account has shifted from a deficit to a surplus.
According to the State Bank, the country recorded a current account surplus of $100 million in November, compared to a deficit of $290 million in October.
The report also noted that during the first five months of the current fiscal year, the current account remained in a cumulative deficit of $633 million. Experts attribute the recent improvement mainly to a rise in remittances, which has helped stabilize the country’s external account.
Meanwhile, an overall notable increase of $3.203 billion has been recorded in the country’s foreign exchange reserves during the current calendar year.
Also Read: Pakistan’s foreign exchange reserves up $3.2bn in current calendar year
During the current calendar year, Pakistan’s foreign exchange reserves rose by a total of $2.876 billion at the State Bank of Pakistan (SBP), while commercial banks recorded an increase of $328 million.
According to figures released by the SBP, total national foreign exchange reserves stood at $16.409 billion at the end of the previous year, including $11.71 billion held by the SBP and $4.698 billion with commercial banks.
Total national foreign exchange reserves were recorded at $19.612 billion, of which $14.58 billion were held by the State Bank and $5.026 billion by commercial banks.
